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markets in the US, Germany and Japan and the general globalisation of capital markets that have taken place since the 1980s have encouraged borrowers and investors to look more to international capital markets. The rapid growth in eurosecurity issues in the latter part of the 1990s reflects the strong surge in corporate restructuring, and the growth in 2000 in particular was partly
centres of 18.9% in the US, 5.66% in Japan and 5.7% in Singapore. The magnitude of these flows indicates that the trading in currency in the UK is far greater than that warranted by trade flows into and from the UK, thus demonstrating the importance of London as a world financial market. A second feature revealed by the surveys is the very fast rate of growth in the volume of transactions. This far
al. ( 2010 ) show that UK banks are fairly multinational, with a ratio of just under 0.5. The authors report that other highly multinational banks are US, Swiss and Spanish banks, while, on the other hand, German and Japanese banks tend to be more ‘international’ than global, with a ratio of local to international claims of under 20%. The main reasons for the shift from
account denominated ‘88888’, opened in July 1992 shortly after Leeson arrived in Singapore as a trader for Barings Futures (Singapore). The trading losses were incurred mainly through two types of activity. First, Leeson rapidly built up a long position of futures contracts on the Nikkei 225 stock index and a short position on Japanese government bonds. In both cases the market
innovations; and fifth, inadequate regulation and supervision. We now examine of each of these points. 14.3.1 The growth of macro-imbalances Large current account surpluses developed in Asian economies such as China and Japan, as well as in oil-exporting economies. The counterpart to this was the growing current
, the changes were due to be introduced during 2016. 1 The size of the various panels varies between 11 and 18 members. 2 These are the Swiss franc, the euro, the British pound, the Japanese yen and the
, including Japan and Denmark. The Bank of England at the time of writing has not yet tried this but may consider it if a further stimulus is required. 5.3.4 Lender of last resort In section 5.2.3 we discussed the role of lender of last resort (LOLR) in general and in this section we will examine the various methods
probably most applicable to the Anglo-Saxon economies of the US and the UK, with the transformation to a securitised financial system taking place earlier in the US. In contrast, countries such as Germany and Japan have continued to operate with a financial system which more closely represents the bank-oriented system – see chapter 3 for a discussion of universal banking. 2
possible causes have been suggested. First, there was uncertainty over the international payments situation. Recent years had seen persistent balance of payments disequilibria. The US and the UK had experienced large deficits, which had been matched by large surpluses obtained by Japan and Germany. At the same time, corrective measures for the US